Recent Developments in the Regulation of Cryptocurrencies and Other Virtual Assets

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP

In a series of articles, we discuss recent efforts by U.S. regulators and other bodies to set expectations and standards with respect to cryptocurrencies and other virtual assets and the impact of these efforts on businesses engaged in virtual asset activities.

FATF Updates Its Global Guidelines for the Regulation of Virtual Assets With an Eye to Emerging Technologies
November 11, 2021

The Financial Action Task Force, the international body that drafts standards for combatting money laundering and the financing of terrorism, released new guidelines that seek to be technology neutral. They include broad definitions that will bring a wide array of virtual asset businesses within the regulatory perimeter.

US Treasury Provides Detailed Guidance for the Virtual Currency Industry on Sanctions Compliance
November 10, 2021

The U.S. Treasury’s Office of Foreign Assets Control issued its most comprehensive guidance to date on the application of sanctions rules to virtual currency companies, putting the cryptocurrency industry on notice of what is required for compliance.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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